Gold and Silver price today (August 14, 2023): Yellow metal hovers near Rs 59,000 ahead of the retail inflation data release

Gold and Silver price today (August 14, 2023): Precious metal futures on Monday traded under pressure after the US dollar strengthens and the Indian Rupee slipped to six months low ahead of the release of retail inflation data.

Last seen, MCX gold futures (Oct 5) were flat at Rs 58,940 per 10 grams at the last count, having traded between Rs 58,903 and Rs 58,955 earlier in the day. Silver futures (Sept 5) were down 0.17 per cent or Rs 122 at Rs 69,854 per kg.

"In the US, retail sales and industrial production will also be in the spotlight. While uncertainty still continues with respect to the interest rate path, technically, Gold is nearing a crucial inflection point and it is important to see whether the $1,902-$1,896 zone holds well for the yellow metal this week," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 58,950, keeping the stop loss at Rs 59,200 and a target price of Rs 58,450. For Silver July future she recommends sell on rise at Rs 70,100, with a stop loss of Rs 71,200 and a target of Rs 68,000. 

"Bullion's daily charts are trading near the oversold zone, any time a short covering rally can be seen. Traders are advised to make fresh buying positions in Gold and Silver near given support level one," said Amit Khare, Associate Vice President at Ganganagar Commodity Limited (GCL).

He sees resistance at the support level of 58800/58600 for gold October futures and support at 69500/69000, resistance at 70500/71000 for Silver September.

In the international market, COMEX gold traded flat at $1,944.2 per ounce.

"The dollar index is drifting towards the resistance of 103 in the early trades on Monday and 10 yr. UST yields are at 4.18 per cent, their highest since November 2022 on Monday which may further see spot gold prices pushing toward support of $1900. In the absence of major economic data, we expect gold prices to hold a range-bound trading session for the day. Support is at $1900/$1890. Resistance is at $1930/$1950," said Mohammed Imran, Research Analyst at Sharekhan by BNP Paribas.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (August 14, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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